>>> Europe : Brokers Upgrades & Downgrades - 28th of November 2025 V2(+)

>>> Up
* CMB Tech Raised to Buy at Pareto Securities; PT 11.86 euros (+)
* EasyJet Raised to Outperform at Bernstein; PT 560 pence
* Eutelsat Raised to Neutral at JPMorgan; PT 1.90 euros
* Ferragamo Raised to Neutral at JPMorgan; PT 7.50 euros
* Heineken Raised to Buy at Deutsche Bank; PT 84 euros
* Moncler Raised to Overweight at JPMorgan; PT 70 euros
* Mowi Raised to Buy at Berenberg; PT 260 kroner (+)
* Proximus Raised to Overweight at JPMorgan; PT 10.88 euros
* Sampo Raised to Neutral at Goldman; PT 10.30 euros
* Sika Raised to Equal-Weight at Barclays; PT 185 Swiss francs
* Softcat Raised to Hold at Kepler Cheuvreux; PT 1,500 pence (+)

>>> Down
* AB InBev Cut to Hold at Deutsche Bank; PT 59 euros
* Allfunds Cut to Neutral at Grupo Santander; PT 8.73 euros
* Azelis Cut to Neutral at JPMorgan; PT 10 euros
* Burberry Cut to Underweight at JPMorgan; PT 950 pence
* Computacenter Cut to Hold at Kepler Cheuvreux; PT 3,000 pence (+)
* Cyfrowy Cut to Sell at Ipopema Securities SA; PT 8.50 zloty
* Evoke Cut to Hold at Berenberg; PT 33 pence (+)
* Evonik Cut to Neutral at JPMorgan; PT 14 euros
* IMCD Cut to Neutral at JPMorgan; PT 82 euros
* J. Martins Cut to Neutral at Grupo Santander; PT 23.30 euros
* Johnson Matthey Raised to Overweight at JPMorgan; PT 2,250 pence
* Komax Cut to Neutral at UBS; PT 68 Swiss francs (+)
* KPN Cut to Neutral at JPMorgan; PT 4.60 euros
* Laurent-Perrier PT Cut to 92 euros from 110 euros at CIC (+)
* OHLA Cut to Underweight at Banco Sabadell; PT 47 euro cents (+)
* Poste Italiane Cut to Neutral at Banca Akros (ESN); PT 21 euros (+)
* Sunrise Communications Cut to Underweight at JPMorgan
* Telenor Cut to Neutral at JPMorgan; PT 170 kroner
* Telia Raised to Overweight at JPMorgan; PT 46 kronor
* Wacker Chemie Cut to Underweight at JPMorgan; PT 50 euros
* Whitbread Cut to Underperform at Bernstein; PT 2,500 pence

>>> Initiation
* Addtech Rated New Buy at Goldman; PT 370 kronor
* Boliden Rated New Buy at SB1 Markets; PT 540 kronor
* Gjensidige Rated New Buy at Goldman; PT 315 kroner
* Halma Reinstated Neutral at BNPP Exane; PT 3,950 pence
* Ilkka Oyj Cut to Reduce at Inderes; PT 3.75 euros
* IMI Reinstated Outperform at BNPP Exane; PT 3,100 pence
* Indutrade Rated New Neutral at Goldman; PT 255 kronor
* Knorr-Bremse Rated New Buy at Goldman; PT 108 euros
* Lifco Rated New Neutral at Goldman; PT 371 kronor
* Rational Rated New Buy at Goldman; PT 771 euros
* Rotork Reinstated Neutral at BNPP Exane; PT 370 pence
* Smiths Group Reinstated Outperform at BNPP Exane; PT 3,000 pence
* SoftwareONE Rated New Buy at Berenberg; PT 11 Swiss francs (+)
* Spirax Reinstated Neutral at BNPP Exane; PT 7,250 pence
* Trelleborg Rated New Buy at Goldman; PT 482 kronor
* Tryg Rated New Sell at Goldman; PT 154 kroner
* Vesuvius Reinstated Neutral at BNPP Exane; PT 385 pence
* Weir Group Reinstated Outperform at BNPP Exane; PT 3,450 pence

>>> Call
* EasyJet Upgraded as Bernstein Notes Supply Constraint Tailwinds (+)
* SoftwareONE Soars After Berenberg Rates New Buy (+)
* Whitbread Drops as Bernstein Double-Downgrades on Blow to Profit (+)